Volta Trucks has pledged a sustainable comeback in select European markets under its new ownership.
The electric truck manufacturer went into administration last October and exited in December under new owner, Luxor Capital.
It’s now been “recapitalized” with “a simplified and more capital efficient business model”.
The new company, Volta Commercial Vehicles Ltd, is registered in the UK and relaunch activities are now underway with a team of around 150 employees.
The new plans set out vehicle development for series production of the 16-tonne and 18-tonne versions of the Volta Zero, which are ongoing and timed to meet the GSR-2 (General Safety Regulation) standards, effective in July.
Customer trials in live operations have started in UK, with a larger fleet of vehicles available in the second quarter to also cover Germany, France, Nordics, and Austria. Joint planning with Steyr Automotive in Austria targets resuming series production later this year.
However, plans for the former 7.5- and 12-tonne variants of the Volta Zero haven’t been outlined.
Essa Al-Saleh, CEO of the new Volta Trucks Commercial Vehicles business, said: “We’re looking to confirm orders with existing customers, reassemble the supply chain, complete a crucial fundraising round, and ensure series vehicles are ready for delivery. Right now, we are in the midst of discussions with all our suppliers and partners to enable these objectives. We have learned a lot from our challenging journey and are emerging stronger and more focused than ever.”
Luxor Capital said it’s supporting a funding plan that includes a round of convertible financing over the next month, and a larger Series-A round for investors towards the middle of the year. This funding will bring Volta Trucks through the phase of implementing series production and delivering vehicles.
“During the last couple of months, we have analysed our original business plan and worked hard to simplify our business model with a strong focus on speed to market, capital efficiency and profitability. The new Volta Trucks will provide an innovative ‘chassis-cab’ product, supported by a tailored Maintenance and Service offering and partnerships with certified Body Builders. We believe this will best support our customers’ immediate needs and facilitate the electrification transition,” said Essa Al-Saleh.
Volta is also partnering with customers on plans for the Volta Zero to go on the road during this summer’s Paris Olympics.
“With the City of Paris aiming to create the greenest Olympics ever, this is a perfect opportunity for our logistics and consumer-brand customers to showcase the
future of urban logistics,” concluded Essa Al-Saleh.
